Fuquay-Varina announces plans for a transformational downtown mixed-use development

project.

 

Downtown Fuquay-Varina will soon have more commercial and residential opportunities. The

Town Board of Commissioners recently approved a Development Agreement and Incentive

Agreement with Raleigh developer HMP Holdings, LLC, to construct a new vertical mixed-use

project that will include 20,000 square feet of new retail and restaurant space, 244 new

apartment units, and a 420-space parking deck.

 

The new downtown mixed-use project is a collaborative effort between the Town and HMP

Holdings, LLC. The downtown project will be supported by Town incentive funding approved by

the Town Board of Commissioners during their November 19 Town Board Meeting. Under the

terms of the Developer's incentive agreement, the Developer is eligible to receive up to

$3,300,000 of economic development funding assistance in return for making $70 million in new

capital investment downtown.

 

"The Town has worked diligently to create an opportunity to leverage private sector investment

to its downtown," said Mayor Blake Massengill. "This transformational downtown mixed-use

project will help address the Town's need for downtown living and create more retail and

restaurant opportunities to support our existing robust downtown businesses. I am excited about

the future of this project and look forward to the delivery of a high-end, mixed-use project."

 

In addition to the incentive funding, the Town will partner with the Developer to construct a 420-

space, Town-owned parking deck. The Town will make available to the Developer during certain

times 320 spaces to provide parking for the residents of the 244 apartments and parking for the

building’s commercial uses. The remaining 100 parking spaces will be for the public's use and

daily needs throughout downtown. The Town will have a cross-park arrangement with the

Developer to utilize the entire 420-space parking deck for downtown daily parking needs.

 

"Fuquay-Varina is a wonderful community with an exciting future," said Gregg Sandreuter,

Managing Partner in HMP Holdings, LLC. "I look forward to this public-private partnership and am

grateful for the opportunity to participate in this unique opportunity. By working together with

the Town and the neighboring property owner High House Capital, we aim to deliver an award-

winning high quality mixed-use project in downtown Fuquay-Varina."

 

HMP Holdings, LLC, has raised and deployed more than $900 million in commercial and

residential projects throughout the Triangle. The Company's projects include Edison Skyhouse, a

23-story high-rise residential tower with 320 residential units, and 400H, a 20-story, 242-apartment

unit project with 16,000 square feet of retail and a 645-parking deck.

 

In the summer of 2023, the Town issued a Request for Qualifications to attract a private-sector

developer to undertake the downtown project. The Town initially proposed development on its

2.52 acres of Town-owned property and selected HMP Holdings, LLC, partly because of their

ability to include the adjacent 3.65 acres of privately owned land next to the Town-owned

property. HMP Holdings, LLC will acquire the 2.52 acres of Town-owned property for $3.4 million.

 

In October, the Town Board approved the Town's first Downtown Generational Plan, which will

serve as a blueprint for downtown planning efforts to advance the downtown's economic and

physical success over the next several decades. Attracting a developer to undertake a

transformational downtown vertical mixed-use project is also part of the Town's Economic

Development Strategic Plan.

 

Note: Pictured is a conceptual rendering. An actual design will take place in the future.